JA Mitsui Leasing recorded the loss due to the risk of uncollectible or delayed collection of accounts receivable at its Texas-based Katsumi unit, stemming from the bankruptcy filing by First Brands Group.
- Cut FY net income forecast to ¥20.5 billion ($133 million) from ¥35.8 billion
- Will book the allowance in the second quarter ended Sept. 30
- JA Mitsui spokesman said the loan loss reserves were booked as “precaution,” and they do not mean actual losses, which will be determined pending court proceedings
- Allowance may change depending on future developments
- NOTE: JA Mitsui is a joint venture of Mitsui & Co. ...